The Central Bank of Nigeria (CBN) has issued a public warning about fraudulent SWIFT messages and baseless claims concerning foreign currency transfers allegedly withheld by Nigerian banks or the apex bank.
This alert follows a surge in complaints from private individuals, law firms, government agencies, and private entities claiming that funds sent to their accounts by foreign sources have not been credited.
In a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN revealed that many of these claims are accompanied by falsified documents, including fake SWIFT MT103 and SWIFT Acknowledgement (ACK) forms, purportedly serving as proof of remittance.
The CBN clarified that such documents are unreliable and cannot be traced on the official SWIFT platform. The bank explained:
“The funds referenced in these claims have not been received by the beneficiary banks, making their application to the beneficiaries’ accounts impossible.”
The apex bank also stressed its commitment to collaborating with law enforcement agencies to investigate and prosecute those making illegitimate allegations.
Standard Procedure for Tracing Funds
The CBN advised individuals facing issues of non-receipt of funds to follow proper procedures. It emphasized that the sender, not the recipient, should request the sending bank to trace the funds through a formal process instead of escalating the matter to the CBN or law enforcement.
Ali further dismissed claims that the CBN provides correspondent banking services or maintains accounts for private businesses.
“For the avoidance of doubt, the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities. Consequently, the claim that alleged inflows are trapped within the CBN is both spurious and deceitful,” she stated.
CBN’s Call for Vigilance
The CBN urged Nigerians to remain vigilant and cautious, warning that individuals or organisations making baseless claims would face severe legal consequences.
This proactive stance underscores the CBN’s dedication to safeguarding the financial system and protecting Nigerians from fraudulent practices.
